Advice on purchasing an inexpensive boat for a novice?

[ComradeBrendan]

Hello!

I'm looking to buy a boat from a local brokerage. It is a 1976 30-foot ketch. Lacking an engine, and for sale because the owner has accumulated significant past due moorage fees, it is selling for about $1000, "first come, first serve."

What sorts of additional expenses are there to consider? Is a 40 some-odd year-old boat with no engine worth paying for the inspection, and if so, how much might I expect that cost?


Some considerations:
-I plan to be primarily a live-aboard, with cruising limited due to school, etc. So outfitting it with an engine at this time is not a priority. I'm considering a $1500 electric motor.

-I have no prior credit history. That's not to say bad credit, simply no credit. Whereabouts might I be able to get a loan? I make close to $1000/month, so the only reason I need a loan to begin with is because I have rent, bills, and so on to factor in. But in spite of its small amount and my income, would it still be considered a high-risk loan?

-My plan is to live aboard in the semi-near future, possibly as soon as July or August, but I do need to factor in several months of slip fees until my current lease is up.

[Boracay]

Inexpensive boat$ + repairs/maintenance/upgrades$ > expensive boat$.

i.e. You'll spend more getting a cheap boat into shape than buying a boat in good condition to start with.

Unless this is a stunningly beautiful boat that you love it's likely to break both your heart and your bank balance.

[bobofthenorth]

Here's a good life rule - don't borrow money for depreciating assets. And you won't find anything that depreciates faster than a boat.

[ArtM]

This is not a boat for a novice unless you have lots of cash, free time, and a very very strong desire to learn.

Ok, so I see you want to live on board - hmm, well I would think twice but for $1000 it's hard to see where you can go wrong - EXCEPT that when you need to get rid of this boat, you're going to have the same problem he does.

You will living, eating, and sleeping in the middle of a project - possibly a project consisting of soggy, damp, and smelly parts and pieces.

Pull out the wrong hose at the wrong time and you will be paying for a salvage operation!